Saudi Arabian Finance Minister Expects 6% Growth in Saudi Non-Oil Economy by 2023
Saudi Arabian Finance Minister Anticipates 6% Growth in Non-Oil Economy by 2023
Saudi Arabian Finance Minister Mohammed Al-Jadaan predicts that the non-oil sector of the Saudi economy will experience a growth rate of approximately 6% in 2023.
Strong Growth in Saudi Arabia’s Non-Oil Sector
During the second day of the Future Investment Initiative forum in Riyadh, Minister Al-Jadaan emphasized the continued robustness of Saudi Arabia’s non-oil sector, which has been displaying strong growth.
Financial Safeguards and Impact on Low-Income Countries
Discussing financial safeguards, the Minister highlighted their significant impact on low-income countries. He stated that these countries currently bear the greatest risks associated with these safeguards.
Cut in Growth Forecasts for Saudi Arabia by the International Monetary Fund
In October of this year, the International Monetary Fund (IMF) published its latest global economic forecasts for 2023 and 2024, revealing reduced growth predictions for several economies, including Saudi Arabia.
The IMF now expects the Saudi Arabian economy to grow by 0.8% in 2023, compared to its previous forecast of 1.9% in July.
Revised Growth Estimate for 2024
However, the IMF increased its estimate for Saudi Arabia’s economic growth in 2024 to 4%, surpassing its previous forecast of 2.8%.